Financial sanctions frozen assets reporting (2016) reminder

BIBA members are reminded that if they hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person that they are required to submit a report to the Treasury’s Office of Financial Sanctions Implementation (OFSI) by Friday 14th October 2016.

Reports should include details of all funds or economic resources frozen in the UK as well as those overseas where these funds or economic resources are subject to UK financial sanctions legislation. Reports to OFSI should include the value of all such assets as at close of business on Wednesday 30th September 2016.